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that the debt ceiling is adjusted to accommodate the budget that we pass. and there is an enormous amount of hypocrisy going on. and i admit on the democratic side on the past, you know, it is like you going out and buying a refrigerator on your credit card and then 20 days later the bill shows up and you see you are over your debt limit, so you tell the freezer company, you're not paying it. the decision when you spend the money or raise taxes -- >> thank you very much for your answer. hope you will come back and join us again sometime. >> thank you. >> second inauguration of president obama takes place on monday, january 21st. that will martin luther king, jr. he will be sworn in on the day before, the 20th, as per the constitution. i will host a special cnbc event. it begins at 11:00 a.m. eastern time. that is, monday, martin luther king, jr. day. >> sue? >> ty, shares of lululemon continue to be under pressure on the back of the latest outlook. what is ahead for the yoga appear el maker? courtney is live in miami. courtney? ♪ ♪ ♪ [ male announcer
that the debt ceiling is adjusted to accommodate the budget that we pass. and there is an enormous amount of hypocrisy going on. and i admit on the democratic side on the past, you know, it is like you going out and buying a refrigerator on your credit card and then 20 days later the bill shows up and you see you are over your debt limit, so you tell the freezer company, you're not paying it. the decision when you spend the money or raise taxes -- >> thank you very much for your answer....
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Jan 17, 2013
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. >> stop using the debt ceiling. you'll have a continuing resolution that runs out two weeks afterwards. why risk. in fact, if this is the rhetorical debate you want to have -- >> the problem with the republican party we get into this incrementalism where we assume we can win and keep putting off the debate. let's have a debate about whether or not we should balance our budget. >> a continuing resolution will be passed. the debt ceiling will be raised, right. >> i agree. the debt limit should be raised. >> should be raised with spending cuts and policy changes. >> why. >> so we can put our nation on a path to balance. >> why not have the fight on resolution. you're talking about future spending and not threatening the full faith and credit of the u.s. government. >> nobody is threatening the full faith and credit. >> it undermines your argument to have it during the debt ceiling debate. >> we can have this debate right now. we need it for the next month and come together a month from now and figure out where we stand
. >> stop using the debt ceiling. you'll have a continuing resolution that runs out two weeks afterwards. why risk. in fact, if this is the rhetorical debate you want to have -- >> the problem with the republican party we get into this incrementalism where we assume we can win and keep putting off the debate. let's have a debate about whether or not we should balance our budget. >> a continuing resolution will be passed. the debt ceiling will be raised, right. >> i...
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ceiling and debt negotiations. i think it's helped gold also as people look for safety. >> do you agree that the platinum and rally has helped gold and do you think we can look at this platinum rally and make a bigger indication of what is happening in the economy? some people say it's an indication that things are really turning around? >> jackie, i think it's too heavy. the anglo american platinum pulls off 400,000 ounces of platinum per year. that's almost 7% of global demand -- production, rather. that sends the market up. when i got up this morning and looked at the screen, platinum made that 3% today. i looked at the metal sector and looked at things that were undervalued. i think gold short term will benefit but long term i think platinum is going to be a better bet. if platinum stays higher, than going through the latter part of the year, that could signal a change in the market sentiment. gold is your fear and platinum is going to be demand in manufacturing. that could signal a change but not yet. i think
ceiling and debt negotiations. i think it's helped gold also as people look for safety. >> do you agree that the platinum and rally has helped gold and do you think we can look at this platinum rally and make a bigger indication of what is happening in the economy? some people say it's an indication that things are really turning around? >> jackie, i think it's too heavy. the anglo american platinum pulls off 400,000 ounces of platinum per year. that's almost 7% of global demand --...
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treasuries tapping government workers' retirement funds to avoid hitting the debt ceiling. the treasury previously estimated the move would give it around $156 billion in additional borrowing capacity. it says retirees will still receive their benefits. in a letter to the house speaker john boehner, the treasury secretary says this step has been taken before during previous debt limit impasses. several conservative republicans are set to introduce legislation to direct treasury to prioritize debt payments if congress doesn't raise the debt ceiling. >>> and president obama will unveil his gun control plan today at 11:45 eastern. he's expected to call on congress to ban military-style assault weapons and the type of high-capacity ammunition used in last month's school shooting in newtown, connecticut. the package will also include efforts to stop school bullying and invest available mental health services. may include several steps the president can take right away without congressional approval. >>> the house of representatives has passed more than $50 billion in aid for hur
treasuries tapping government workers' retirement funds to avoid hitting the debt ceiling. the treasury previously estimated the move would give it around $156 billion in additional borrowing capacity. it says retirees will still receive their benefits. in a letter to the house speaker john boehner, the treasury secretary says this step has been taken before during previous debt limit impasses. several conservative republicans are set to introduce legislation to direct treasury to prioritize...
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take a look now at what the debt ceiling would be, if you reached the debt ceiling and reduced government spending by that amount, mark sandy, others suggest it should be a 7% hit to gdp. so, simon, a big war of numbers, and big war of words on both sides, as we game out what happens, first with the debt ceiling, then we continue resolution, and also the sequester. simon? >> let's hope they rise above. thank you very much, steve liesman with the fiscal cliff. >>> it's been the trade of many people's lifetimes, but with the courages sill at multiyear lows. and the meeting next week, will the trade last? it's the "money in motion" section. good morning. >> good morning. good to be with you guys. what about this dollar/yen trade? obviously the dollar is substantially higher today, but monday/tuesday/wednesday, we've reversed the trend, the yen was actually higher. where do we go from here? >> i think steve's presentation is one of the reasons i'm cautious on this trade. we're within a whisker of the obvious target. i think that trade level will stall. to me i think the better trade is to tak
take a look now at what the debt ceiling would be, if you reached the debt ceiling and reduced government spending by that amount, mark sandy, others suggest it should be a 7% hit to gdp. so, simon, a big war of numbers, and big war of words on both sides, as we game out what happens, first with the debt ceiling, then we continue resolution, and also the sequester. simon? >> let's hope they rise above. thank you very much, steve liesman with the fiscal cliff. >>> it's been the...
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might vote next week to raise the debt ceiling for even three months. there is a very muted reaction and what to watch here are how people are buying etfs. this is the s&p 500. you can buy it in a single stock and you might say, oh, gee, there is a move there to the far right on the upside when the announcement came. but it is a very, very narrow amplitude. very narrow range of trading. that's about three points on the s&p 500. the volume did pick up and we will have volume towards the heavy side today. if you think that is good news pushing the debt ceiling out for stocks and i think generally would you look at it as good news, it certainly is fairly muted here. as for the major indices for the week, what simon was just talking about, there are deeper cyclical changes. big industrial names have been generally outperforming and that is very good news, if you think the global economy, those stocks would more closer would the global economy. >> you get this, this real tight hugging of the flat line friday. monday, tuesday, wednesday and then again today.
might vote next week to raise the debt ceiling for even three months. there is a very muted reaction and what to watch here are how people are buying etfs. this is the s&p 500. you can buy it in a single stock and you might say, oh, gee, there is a move there to the far right on the upside when the announcement came. but it is a very, very narrow amplitude. very narrow range of trading. that's about three points on the s&p 500. the volume did pick up and we will have volume towards the...
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we've gone over the cliff, now we have the debt ceiling. but, you know, even if they get over those two short-term problems, you still have got the problem of a massive deficit, which is going to have to be reigned in. at some point, you're going to get a fiscal squeeze in america and that is going to put a break on what is not very far from economic growth. i think you'll have that which is always something that is going to be there in the background. you have a lot of debt, as well, still in the private sector, which needs to be fluffed off. there's a deraef raejing that you've been seeing right across the western world is still going to go on, i think, for the best part of this decade. >> and we heard leading up to this election that rarely has a u.s. president been elected with such high levels of unemployment. what was different this time? >> oh, i think it had something to do with the candidate he was facing not being able to energize the public. but i also think, look, reflation? the public loves that, right? free money. >> but do th
we've gone over the cliff, now we have the debt ceiling. but, you know, even if they get over those two short-term problems, you still have got the problem of a massive deficit, which is going to have to be reigned in. at some point, you're going to get a fiscal squeeze in america and that is going to put a break on what is not very far from economic growth. i think you'll have that which is always something that is going to be there in the background. you have a lot of debt, as well, still in...
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debt ceiling. i love the debt clock. it's almost as fast as the amount of money they're going to earn tr nike. >> and is we'll talk about that. >> meanwhile, fed chairman ben bernanke speaking monday warned the u.s. economy isn't out of the woods yet and is still at risk from political gridlock. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits, it doesn't create new spending. so not raising the debt ceiling is sort of like a family trying to improve its credit rating saying, i know how we can save money, we won't pay our credit card bills. not the most effect of way to improve your credit rating. >> ben bernanke says the u.s. economy appears to be willing to raise the debt ceiling. it's downplaying fierce that this could lead to higher inflation. >>. >> what do you think? >> well, i think, you know, what we've seen in the beginning of the year, like the solution of the fiscal cliff for the
debt ceiling. i love the debt clock. it's almost as fast as the amount of money they're going to earn tr nike. >> and is we'll talk about that. >> meanwhile, fed chairman ben bernanke speaking monday warned the u.s. economy isn't out of the woods yet and is still at risk from political gridlock. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits, it doesn't create new...
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there's the debt ceiling. zandi i talked to the other day, talked to some other economists, they're saying if you hit the debt ceiling, you stayed there, you made government spending equal cash flow would be about 7% hit to gdp. essentially taking a trillion dollars out of the economy. so there it is, guys. the debt ceiling game, home edition, have fun tonight. >> this is actually much bigger deal. >> it's a huge deal. >> but would never last -- >> never going to happen, right? that's what people say. >> okay. >> relax, steve. >> i'm okay. >> what happens is the rating agencies -- >> your heart rate is going. >> what's that? >> what about the ratings agencies if they were to downgrade us, if we went over, if we went over for a day it's one thing, if we went over and stayed for a week, do they look at it just because washington can't get along, that's reason enough for another downgrade? >> that's a critical question. that's why the democrats are likely to define default as missing any government payment becaus
there's the debt ceiling. zandi i talked to the other day, talked to some other economists, they're saying if you hit the debt ceiling, you stayed there, you made government spending equal cash flow would be about 7% hit to gdp. essentially taking a trillion dollars out of the economy. so there it is, guys. the debt ceiling game, home edition, have fun tonight. >> this is actually much bigger deal. >> it's a huge deal. >> but would never last -- >> never going to happen,...
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ceiling to avoid a potentially disastrous debt default. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit rating saying oh, i know how we can save money we won't pay our credit card bills. not the most effective way to improve your credit rating. >> but the chairman was fairly upbeat on the outlook for u.s. growth. but, gave no clear hints on when the fed would curb its aggressive bond purchases. we'll have more on the debt ceiling in the next hour when we speak to senator rob portman. you guys, wilbur, you also said we have -- we are fully ready with inflation, we have all the tools we need to exit. >> well, i caution a little bit. historically the fed has always bought short-term paper and it's easy then to raise the interest rates. again you let the paper roll off, you sell it. now they've been buying long-term paper. rates start to go up, fed cou
ceiling to avoid a potentially disastrous debt default. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit rating saying oh, i know how we can save money we won't pay our credit card bills. not the most effective way to improve your credit rating. >>...
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topic number one, debt ceiling deadline. john harwood is at the white house. lines are drawn, john. >> sue, they were drawn very starkly by the president. he asserted that american people vendcated his approach to deficit reduction in the recently passed election. he said he was willing to negotiate over ways to cut the deficit in the future but he accused house republicans of playing a hostage game with debt limit in the debt ceiling very soon and said he will not participate. >> they will not collect a ransom in exchange for not crashing the american economy. the financial well-being of the american people is not leverage to be used. the full faith and credit of the kru united states of america is not a bargaining chip and they better choose quickly because time is running short. >> john boehner put o out a statement right after the news conference trying to stay out of box the president put them in. he said, the house will doity job and pass responsible legislation that droenls spending, meets our nation's obligations and keeps the government running. the q
topic number one, debt ceiling deadline. john harwood is at the white house. lines are drawn, john. >> sue, they were drawn very starkly by the president. he asserted that american people vendcated his approach to deficit reduction in the recently passed election. he said he was willing to negotiate over ways to cut the deficit in the future but he accused house republicans of playing a hostage game with debt limit in the debt ceiling very soon and said he will not participate. >>...
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house over the coming brawl over the debt ceiling. administration officials in a series of statements and discussions saying that all the cool, clever and quirky ideas that people have been talking about to avoid the debt ceiling are off the table. the administration in one form or another over the past several weeks has rejected the platinum coin idea. that was on saturday. scrips or ious issued by the government. and asset sales, which is another thing that's been making the rounds. jay carney on saturday saying there are only two options for putting the nation into default. others say the ideas put off the debt ceiling problem, or make the country look like a banana republic. some house republicans are seriously considering putting the nation into default. po lit ohco in a story this morning said default is becoming more widespread and getting more serious traction than people realize. kathy mcmorris rogers telling politico i think it's possible we would should down the government to make president obama understands that we are ser
house over the coming brawl over the debt ceiling. administration officials in a series of statements and discussions saying that all the cool, clever and quirky ideas that people have been talking about to avoid the debt ceiling are off the table. the administration in one form or another over the past several weeks has rejected the platinum coin idea. that was on saturday. scrips or ious issued by the government. and asset sales, which is another thing that's been making the rounds. jay...
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and speaking out on the debt ceiling showdown. as we head to break, look at the early movers here on wall street. are you flo? yes. is this the thing you gave my husband? well, yeah, yes. the "name your price" tool. you tell us the price you want to pay, and we give you a range of options to choose from. careful, though -- that kind of power can go to your head. that explains a lot. yo, buddy! i got this. gimme one, gimme one, gimme one! the power of the "name your price" tool. only from progressive. ♪ you know my heart burns for you... ♪ i'm up next, but now i'm singing the heartburn blues. hold on, prilosec isn't for fast relief. cue up alka-seltzer. it stops heartburn fast. ♪ oh what a relief s! >>> the board of jpmorgan cutting jamie dimon's pay by 50% in light of a multibillion dollar loss last year. down from $23 million from the year before. that brings us to this morning's squawk on the tweet. how might jamie dimon tighten his belt. tweet us at squawk street. there's a lot of -- i don't want to say hatred, but ill wi
and speaking out on the debt ceiling showdown. as we head to break, look at the early movers here on wall street. are you flo? yes. is this the thing you gave my husband? well, yeah, yes. the "name your price" tool. you tell us the price you want to pay, and we give you a range of options to choose from. careful, though -- that kind of power can go to your head. that explains a lot. yo, buddy! i got this. gimme one, gimme one, gimme one! the power of the "name your price"...
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raise the debt ceiling or risk a u.s. downgrade. >> markets are in a holding pattern until the debt ceiling fight is over and the backdrop for the fitch warning is quite different this time around, and pete will explain why in just a moment. just said to you during the break. a heck of a holding pattern if that's what the market is in. plenty of sectors hitting new highs right now. no question about it. this is the year that we springboard up now. not just to climb the wall of worry. get through the debt ceiling debate, continuing resolution. it's going to be bumpy. we'll take full advantage of a market falldown during that period because you've got three main things going for you. housing turning for real, not just an inventory real liquiification and foreclosures. all that have stuff turning for real. it will turn into unemployment back half of the year. a little better transparency on fiscal policy. not necessarily the fix but the transparency. business cap "x" second half of the year and every single central bank in t
raise the debt ceiling or risk a u.s. downgrade. >> markets are in a holding pattern until the debt ceiling fight is over and the backdrop for the fitch warning is quite different this time around, and pete will explain why in just a moment. just said to you during the break. a heck of a holding pattern if that's what the market is in. plenty of sectors hitting new highs right now. no question about it. this is the year that we springboard up now. not just to climb the wall of worry. get...
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the debt ceiling debate, the u.s. set to hit that $16 trillion limit on borrowing in the next month, if we haven't hit it yet. let's take a listen to what president obama had to say about the potential battle looming in congress. >> markets had could go haywire, interest rates would spike for anybody who borrows money. every homeowner with a mortgage, every student with a college loan, every small business owner who wants to grow and hire. >> jared, how does this play out? >> well, we're beginning to hear lots of sounds from republicans that are more in a compromising mode than we heard a week ago. right now they're talking about perhaps an increase in the debt ceiling that lastins for a coup months. frankly, and russ may agree with me here, i don't think markets would react very approvingly to basically just another lurch from crisis to crisis. it wasn't too long ago that, maria, you and i were in these chairs talking about the fiscal cliff. now the debt ceiling. do you want to have this discussion two months from no
the debt ceiling debate, the u.s. set to hit that $16 trillion limit on borrowing in the next month, if we haven't hit it yet. let's take a listen to what president obama had to say about the potential battle looming in congress. >> markets had could go haywire, interest rates would spike for anybody who borrows money. every homeowner with a mortgage, every student with a college loan, every small business owner who wants to grow and hire. >> jared, how does this play out? >>...
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will we avoid the debt ceiling cliff? house republicans will consider a plan to extend the debt limit deadline. why that may set up an entirely different kind of cliff. we'll take you live to washington and john haar woovmtd flagged this in my observation yesterday. should the eligibility age to social security be increased to 70 years old since americans are living a lot longer than they did when the social security program was first set up? stick around for a heated debate and the body of a million dollar lottery winner murdered by cyanide poisoning right after he won has been exhumed. the medical examiner is talking, and we'll have the very latest developments of what went on. stay with us. ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. introducing the all-new 2013 lexus ls f sport. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does
will we avoid the debt ceiling cliff? house republicans will consider a plan to extend the debt limit deadline. why that may set up an entirely different kind of cliff. we'll take you live to washington and john haar woovmtd flagged this in my observation yesterday. should the eligibility age to social security be increased to 70 years old since americans are living a lot longer than they did when the social security program was first set up? stick around for a heated debate and the body of a...
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. >>> onto the debt ceiling. the deadline approaching so it washington on the verge of killing an economy that many people think is actually experiencing a very nice little rebound? we're going to ask loan ceo jim tisch when "power lunch" returns. ♪ [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. >>> four days before the inauguration the latest nbc wall street journal poll is out with the breaking news. john harwood in washington. john? >> tyler, we've just got one question. the full poll comes out tonight but this shows you some of the difficulty president obama is going to face with this gun control issue he's pursuing. look at the public image of the national rifle association. it shows you it's a pretty tough target. at three different decision points after tragedies, columbine they had
. >>> onto the debt ceiling. the deadline approaching so it washington on the verge of killing an economy that many people think is actually experiencing a very nice little rebound? we're going to ask loan ceo jim tisch when "power lunch" returns. ♪ [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the...
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ceiling is still around. >> easily, though. >> the debt ceiling is still around. you are still dealing with that and, of course, the sequester issue. there are a lot of questions about what happens. we're speccing to run into that debt ceiling sometime between february 15th and march 1st. in the meantime, let's talk about corporate news. aig is suiciding maiden lane over lawsuit rights. it's the federal vehicle created during aig's bailout. at issue is whether the insurer transferred its rights to sue for losses that it incurred on its troubled bonds when it sold $2 billion in securities to the fed in 20308. aig is preserving its right to sue the federal government and other debts. >> fed chairman ben bernanke is going to speak and answer questions at the university of michigan. in d.c., president obama is said to be forging ahead on a wide ranging plan to overhaul the immigration plan this year. this includes a path to citizenship for illegal immigrants already in the country. immigrants would have to pay fines and back taxes. it would require businesses to veri
ceiling is still around. >> easily, though. >> the debt ceiling is still around. you are still dealing with that and, of course, the sequester issue. there are a lot of questions about what happens. we're speccing to run into that debt ceiling sometime between february 15th and march 1st. in the meantime, let's talk about corporate news. aig is suiciding maiden lane over lawsuit rights. it's the federal vehicle created during aig's bailout. at issue is whether the insurer...
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debt ceiling. the coke group americans for prosperity is urging restraint from republicans during the negotiations. these guys you said are on the right have moved to those guys you said were in the center, some of them, anyway, right? >> i think -- >> these guys are folding, caving. they know obama has them on the run, as far as public opinion. they're running off -- >> nothing is ever simple. the debt ceiling is only 1 of 3. >> you'd sequester -- >> i think we will see the sequester, the path of least resistance. congress has to do something to prevent the sequester and the president agree to it. it's unlikely, 1$1.2 trillion, using the dollar for dollar basis, do it twice and -- >> have you seen "41," movie, "41." i saw a couple clips and president bush talking about the nixon year, because he was there and what was it like to be a republican. he said it was not a great time to be a republican at the end of the nixon era and the prospects for the party didn't look very positive. i don't know. it
debt ceiling. the coke group americans for prosperity is urging restraint from republicans during the negotiations. these guys you said are on the right have moved to those guys you said were in the center, some of them, anyway, right? >> i think -- >> these guys are folding, caving. they know obama has them on the run, as far as public opinion. they're running off -- >> nothing is ever simple. the debt ceiling is only 1 of 3. >> you'd sequester -- >> i think we...
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that of course is bumping against and going through the debt ceiling. you know, when the president had his press conference discussing this i always like a good food analogy. his analogy was of course by not raising the debt ceiling we're not paying for the food we've eaten. basically at this big dinner we're at. i like it. let me give it a little slant my style. that is, it's not really a restaurant but an all you can eat buffet. there is no bill coming. the senate and house haven't passed a budget together in years. we have a revolving credit, a tab at this all you can eat buffet and nobody wants to get up. it is not like there is a clock where boom. here is your bill. we'll start the next 24 hours like your charting machines. nobody is ever getting up. it's just a meal that never ends. so how do you in essence stop the eating, stop the debt that is created by running up the tab? well, it seems easy enough but of course it gets messy and the politics are different than the principles involved. the house republicans seem to have finally figured that ou
that of course is bumping against and going through the debt ceiling. you know, when the president had his press conference discussing this i always like a good food analogy. his analogy was of course by not raising the debt ceiling we're not paying for the food we've eaten. basically at this big dinner we're at. i like it. let me give it a little slant my style. that is, it's not really a restaurant but an all you can eat buffet. there is no bill coming. the senate and house haven't passed a...
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bernanke weighing in on the debt ceiling in michigan late yesterday. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits, it doesn't create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit rating saying, i know how we can save money, we won't pay our credit card bills. not the most effective way to improve your credit rating. >> the metaphors, jim, whether it's a family not paying the credit card bills, the president saying it's like dining and dashing at a restaurant, the only thing is we've got two weeks of respite and then we're off to the races again. >> after the civil war, there was tremendous partisanship in this country. a tumultuous time. the level of bipartisanship. there's such hatred that you can't get in a room. it never seems like obama gets in the room. biden got in the room beforehand. but look, everybody hates each other down there. it's exactly the opposite of what you would expect from a respected nation
bernanke weighing in on the debt ceiling in michigan late yesterday. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits, it doesn't create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit rating saying, i know how we can save money, we won't pay our credit card bills. not the most effective way to improve your credit...
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Jan 18, 2013
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let's talk about the debt ceiling. is it an overrated crisis? our next guest is from austin, texas, james galbraith, university of texas economist. also the author of "inequality and instability." we want to talk to but the debt ceiling, particularly entitlements, james. what is your sense, if today and now is not the time to cut entitlements, when is the time to cut entitlements? >> i don't think it's a good idea, from the standpoint of the future of the american economy to reduce the security that people expect in their old age. so we're talking about social security here. talking about mid care. we're talking about medicaid. these are foundations for the future life of most of the working population of the country at the moment. if you cut them, people will draw back in their current activity, at least to some degree. >> right. >> so you're basically saying you're going to do something which will squeeze people's living standards out in the future. it will not have any direct effect today on economic activity. except to the extent that people
let's talk about the debt ceiling. is it an overrated crisis? our next guest is from austin, texas, james galbraith, university of texas economist. also the author of "inequality and instability." we want to talk to but the debt ceiling, particularly entitlements, james. what is your sense, if today and now is not the time to cut entitlements, when is the time to cut entitlements? >> i don't think it's a good idea, from the standpoint of the future of the american economy to...
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Jan 20, 2013
01/13
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>> the debt ceiling it is truth. think about this, can dirk the first time in our country. >> reminding people president himself, when he was in the senate, voted against the debt ceiling, these people that he is suggest want the country to go into default are doing the same thing when he was a senator, he changed his mind. absolutely not. did he vote against. he has spoken to that that was a political vote answered has learned from that but at the time, congress wasn't threatening to say we are not going to pay our bills unless we get what we want, deeper cuts in medicare than required or tank the economy. this false equivalence needs to stop. the barrier to progress here is not the president. we need more republicans in congress to think like republicans in the country who are seeking compromise, seeking balance, because we are poised here to really grow. if washington can do its part and not get in the way, our economies continue to grow, we can make big progress. >> this a president we are going to see, hey, he i
>> the debt ceiling it is truth. think about this, can dirk the first time in our country. >> reminding people president himself, when he was in the senate, voted against the debt ceiling, these people that he is suggest want the country to go into default are doing the same thing when he was a senator, he changed his mind. absolutely not. did he vote against. he has spoken to that that was a political vote answered has learned from that but at the time, congress wasn't threatening...
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Jan 19, 2013
01/13
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there's an upcoming one with the debt ceiling. ep has to acknowledge this not so pretty reality in the washington as he gives a speech that's supposed to be inspirational. >> the reality is the same congress he was working with on friday will be the same congress he's working with come tuesday despite the speech. we'll watch closely to see more details coming up. thank you so much. we'll watch more of this ahead. >> we always know security is tight in washington, but for the inauguration, it is as tight as it can possibly get, like the motherload of security here. joe johns is here with us to talk about the whole situation. what are we seeing? >> well, john, first of all, there are probably going to be something like 12,000 security people that we know of in and around the national mall for all of the events. so let's break that down a little bit. there are about 4,000 d.c. police officers all of whom will be available for security, different shifts probably working between 12 and 1 hours on sunday and on monday. we have something
there's an upcoming one with the debt ceiling. ep has to acknowledge this not so pretty reality in the washington as he gives a speech that's supposed to be inspirational. >> the reality is the same congress he was working with on friday will be the same congress he's working with come tuesday despite the speech. we'll watch closely to see more details coming up. thank you so much. we'll watch more of this ahead. >> we always know security is tight in washington, but for the...
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Jan 13, 2013
01/13
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that's the debt ceiling. keep it in mind, the treasury does not make decisions about how the money is spent. they're simply empowered in this case to borrow money and write the checks to pay the bills incurred by your democratically elected congress. today the debt ceiling is $16.3 trillion which is less than our debt. the treasury can use extraordinary measures to raise an extra $200 billion. those extra funds will only last until about mid february or early march according to the bipartisan policy center. good luck trying to explain this to conservative talk radio show host, rush limbaugh. >> i think it's a debt limit as your monthly credit card limit. you can't go over it on your credit card. and the united states government can't spend more than what its credit limit is or its debt limit. now ali velshi at cnn says that has no relation to spending. >> that's right, rush, the debt ceiling was create sod the congress wouldn't constantly need to authorize congress to borrow to raise more money. it doesn't au
that's the debt ceiling. keep it in mind, the treasury does not make decisions about how the money is spent. they're simply empowered in this case to borrow money and write the checks to pay the bills incurred by your democratically elected congress. today the debt ceiling is $16.3 trillion which is less than our debt. the treasury can use extraordinary measures to raise an extra $200 billion. those extra funds will only last until about mid february or early march according to the bipartisan...
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Jan 14, 2013
01/13
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raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. and we are not a deadbeat nation. and the consequences of us not paying our bills, as i outlined in my opening statement, would be disastrous. so i understand the impulse to try to get around this in a simple way. but there's one way to get around this. there's one way to deal with it, and that is for congress to authorize me to pay for those items of spending that they have already authorized. and, you know, the notion that republicans in the house or maybe some republicans in the senate would suggest that in order for us to get our way on our spending priorityies, that e would risk the full faith and credit of the united states, that, i think, is not what the founders intended. that's not how, i think, most americans think our democracy should work. they've got a point of view. democrats in congress have a point of view. they need to sit down and work out a compromise. [ inaudible ] yeah. >> and you're not negotiating on the debt c
raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. and we are not a deadbeat nation. and the consequences of us not paying our bills, as i outlined in my opening statement, would be disastrous. so i understand the impulse to try to get around this in a simple way. but there's one way to get around this. there's one way to deal with it, and that is for congress to authorize me to pay for those items of spending that they have already...
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Jan 13, 2013
01/13
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also, the next fight in washington will be over the debt ceiling. can president obama end this craziness and bypass congress altogether? we'll talk about the out of the box solutions and whether they would work. >>> and, finally, this is the signature of the man who might be the next treasury secretary. we'll look back through history to see if there's any loopy president. speaking of secretaries of the treasury three former holders of the office and many other statesmen and women offering advice to the president on a new gps special tonight "memo to the president, road map for a second term." tonight at 8:00 p.m. and 11:00 p.m. eastern and pacific. >>> first, here's my take. chuck hagel's nomination as america's next secretary of defense has drawn fire from people who say he's outside of the main stream. in fact, he's a pretty straight forward, traditional republican on most issues with a reluctance to go to war, born of knowledge and experience. where hagel does appear out of the mainstream in washington's world of group think is on iran. which i
also, the next fight in washington will be over the debt ceiling. can president obama end this craziness and bypass congress altogether? we'll talk about the out of the box solutions and whether they would work. >>> and, finally, this is the signature of the man who might be the next treasury secretary. we'll look back through history to see if there's any loopy president. speaking of secretaries of the treasury three former holders of the office and many other statesmen and women...
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Jan 15, 2013
01/13
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but when it comes to the debt ceiling, the debt ceiling, by definition, isn't about authorization new spending. it is about paying the bills that we have already racked up. so are you just trying to say that you want to have this conversation together, at the same time? >> this is about, this is -- raising the debt ceiling is like raising your credit card limit. and historically, this has been a debate. you look over the last four presidents in this country, and there's been a debate, every time, it has come to raising the debt ceiling. because there's a recognition, for years now, that the federal government has been spending way more than it should, way beyond its means, much more than it's actually bringing in. and now, it is -- we cannot continue to kick this can down the road. we've come to the end of the road. it is time for us to stop spending money we don't have. >> former republican speaker newt gingrich is not exactly conflict averse, i think you'd agree, and he has warned the house republicans not to take up this debt ceiling fight. listen. >> asking barack obama not to be
but when it comes to the debt ceiling, the debt ceiling, by definition, isn't about authorization new spending. it is about paying the bills that we have already racked up. so are you just trying to say that you want to have this conversation together, at the same time? >> this is about, this is -- raising the debt ceiling is like raising your credit card limit. and historically, this has been a debate. you look over the last four presidents in this country, and there's been a debate,...
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Jan 15, 2013
01/13
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first, raise the debt ceiling, allowing america to pay for its bills that it already racked up. then come up with a longer term plan that could put us back in fiscal good health. america's ability to meet its obligations should not be held hostage to an agreement on spending cuts. >>> retail sales went up by half a percentage in december. cars saw the biggest gain, jumping 1.8% at dealerships. other stores that see sales go up during the holiday season, like clothing and electronics, barely saw gains. while sales are expected to increase in 2013, it is slow going for now. for one thing, americans are getting a little less in their paycheck, now that the payroll tax holiday has ended. and a little less money means a little less shopping for now. >>> dude, did you hear about dell? shares of the computermaker jumped 15% in the last two days after a bloomberg report said that it is in buyout talks with a couple of private equity firms. the company founded in ceo michael dell's dorm room in texas in the '80s has been struggling lately as pc sales drop off. going private would allow d
first, raise the debt ceiling, allowing america to pay for its bills that it already racked up. then come up with a longer term plan that could put us back in fiscal good health. america's ability to meet its obligations should not be held hostage to an agreement on spending cuts. >>> retail sales went up by half a percentage in december. cars saw the biggest gain, jumping 1.8% at dealerships. other stores that see sales go up during the holiday season, like clothing and electronics,...
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Jan 17, 2013
01/13
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he'd rather have a conversation about guns than the debt ceiling? >> i think the president is trying to get political support from his base, maybe he feels it strengthens him going into negotiations with the republicans or the fiscal issues. listen these guys won't even ban assault weapons, how can you trust them on taxes and spending. i see it as building up his political position which is not wrong but i don't think in his heart of hearts he thinks he's going to pass any significant legislation. >> congressman king in the studio after my asking all the time. >> i couldn't stay away from you, soledad. >> she's not really a tough interviewer is she? >> she's very nice and multiracial -- >> are we rolling on this? i love this. keep the nice part. i would appreciate that. >> she was the irish-american woman of the year, there you go. >> and i accepted. nice to have you congressman, appreciate it. >>> other stories making news john has that for us. >> lots of questions about the story involving notre dame's manti te'o and his girlfriend who was suppose
he'd rather have a conversation about guns than the debt ceiling? >> i think the president is trying to get political support from his base, maybe he feels it strengthens him going into negotiations with the republicans or the fiscal issues. listen these guys won't even ban assault weapons, how can you trust them on taxes and spending. i see it as building up his political position which is not wrong but i don't think in his heart of hearts he thinks he's going to pass any significant...
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Jan 15, 2013
01/13
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the debt ceiling -- raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it does not create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit ratings and i know how we can save money, we will not pay our credit card bills. not the most effective way to improve your credit rating. it was a very slow solution to the debt ceiling in august of 2011 that got the u.s. downgraded last time. so it's very important. all these issues are important, but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government does not pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in the deal. it went part of the way, as you mentioned. but it leaves a number of issues still on the table and traditional negotiations are looming. would you characterize that as an additional cliff that is facing us? or do you think it
the debt ceiling -- raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it does not create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit ratings and i know how we can save money, we will not pay our credit card bills. not the most effective way to improve your credit rating. it was a very slow solution to the debt ceiling in...
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Jan 17, 2013
01/13
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>> look, there is a long tradition here of congress acting to raise the debt ceiling. this is a power that they've brought -- that they've given themselves to do. and the point is -- without drama and delay. a monthly extension is drama, okay? congress should simply do its job. it should not -- we're not going to negotiate over extending the debt ceiling. >> but is the president saying he's willing to revisit this within a year? would he like five years? i mean, what is he saying? >> i think the president made clear the other day that he would happily take on the responsibility himself if congress can't handle it. so the fact is, congress should simply extend the debt ceiling, and do so in a manner that causes no concern to the economy and to global markets, that does not in any way suggest that washington is about to engage in another process that results in a self-inflicted wound to the economy. so it's sort of a moot point because it should just be extended in a way that does not raise concern about whether or not the united states of america pays its bills. >> okay
>> look, there is a long tradition here of congress acting to raise the debt ceiling. this is a power that they've brought -- that they've given themselves to do. and the point is -- without drama and delay. a monthly extension is drama, okay? congress should simply do its job. it should not -- we're not going to negotiate over extending the debt ceiling. >> but is the president saying he's willing to revisit this within a year? would he like five years? i mean, what is he saying?...
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Jan 19, 2013
01/13
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ceiling so we can pay our debts. i think that is what will eventually happen. i do not think the going often the other direction would be that helpful. >> -- that going off in the other direction would be that helpful. >> i am a second year at the board's school. does the debt ceiling still have a practical purpose? could it be eliminated without much consequence? >> it has got symbolic value. maybe one or two other countries, but essentially no other countries and the world have this particular institution. the congress appropriates $100, tells the government to spend $100 on whatever, and then it raises $80 in revenue through its tax code. the arithmetic here says, you have to borrow $20. no, congress has to give a third 100-80 = says the 180at 20. logically, there is got to be something to make up the difference. the way to address it is by having a sensible plan for spending, insensible span foplar revenue. as i was saying before, this is like a family saying, we're spending too much. let's stop paying our credit
ceiling so we can pay our debts. i think that is what will eventually happen. i do not think the going often the other direction would be that helpful. >> -- that going off in the other direction would be that helpful. >> i am a second year at the board's school. does the debt ceiling still have a practical purpose? could it be eliminated without much consequence? >> it has got symbolic value. maybe one or two other countries, but essentially no other countries and the world...
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Jan 13, 2013
01/13
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it would not surprise me that he does raise the debt ceiling. the president alone spent over $1 billion last year just to himself. when does it stop? obviously he has never had a checkbook. i get a bill, i pay it. why do they just keep putting money out, putting money out, not take care of what they're doing doing, not realizing what they're doing? host: they give for the call. this from twitter -- the focus on the 14th amendment, section four, basically says that the public debt, authorized by law, including debts incurred for payment of pensions etc., shall not be questioned. caller: good morning. yes, he does have that right. in classic peanuts, she says to charlie brown, i think we have been stuck with a used year, instead of a new year. last week at the archives, they had a documentary about the conversation with the president from 1962. president kennedy. he deals -- it was very similar to what we hear arguments now about how -- it was really excellent view. an excellent conversation. how he has to deal with the congress. and his -- this c
it would not surprise me that he does raise the debt ceiling. the president alone spent over $1 billion last year just to himself. when does it stop? obviously he has never had a checkbook. i get a bill, i pay it. why do they just keep putting money out, putting money out, not take care of what they're doing doing, not realizing what they're doing? host: they give for the call. this from twitter -- the focus on the 14th amendment, section four, basically says that the public debt, authorized by...
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Jan 19, 2013
01/13
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they should do the debt ceiling for a whole year. host: so ella, hole on we have a statement from the press secretary saying we are encouraged there are signs the republicans may back off on the insistens of holding our economy hostage to drathsically cut programs and democrats and republicans must pass a clean bill. caller: i heard this. and i heard jay cornyn say that. i know what he said. but they also said that they want a clean debt ceiling. not every three months you're going to have the same thing over again. they want it for a whole year. not this three-month extension. host: jeff this morning off twitter said this is a reasonable offer if the democrats do not accept it he adds nice play, g.o.p. host: republican line? caller: yes, there are two features on this proposed legislative action. they have different levels of support for me. i do support the concept of withholding pay for not having a budget. i mean, not only should the federal government have a law regarding that but i think each individual state should enact a leg
they should do the debt ceiling for a whole year. host: so ella, hole on we have a statement from the press secretary saying we are encouraged there are signs the republicans may back off on the insistens of holding our economy hostage to drathsically cut programs and democrats and republicans must pass a clean bill. caller: i heard this. and i heard jay cornyn say that. i know what he said. but they also said that they want a clean debt ceiling. not every three months you're going to have the...
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Jan 18, 2013
01/13
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as a very practical matter, if we go over the debt ceiling, we do not increase the debt ceiling, republicans will not win the debate. they will argue they are not increasing it because they do not want to control spending but they will not win the debate. what will happen is the white house will pay with cash flow of the interest on the debt. the debt will not be called. what they might not pay our social security checks. the moment the american citizen figures out they may not go out, the game is over. tenfold. because believe me, though congress can stand up to the senior lobby. so that is not a legitimate process to take the debt ceiling as the hostage. the appropriate goal, whether the debate should occur. the president gets to talk about the faults. he gets to talk about social security. we should be talking about spending. spending restraints. where is the logical place to do this? the logical place is on the sequestered. that is where the next pressure point should be. we should have the debate over how much spending should be restrained and how it should be restrained. the sequester
as a very practical matter, if we go over the debt ceiling, we do not increase the debt ceiling, republicans will not win the debate. they will argue they are not increasing it because they do not want to control spending but they will not win the debate. what will happen is the white house will pay with cash flow of the interest on the debt. the debt will not be called. what they might not pay our social security checks. the moment the american citizen figures out they may not go out, the game...
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Jan 14, 2013
01/13
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ceiling, and your own history on the debt ceiling. and doesn't that suggest that we are going to go into a default situation because no one is talking to each other about how to resolve this? >> well, no, major, i think if you look at the history, getting votes for the debt ceiling is always difficult, and budgets in this town are always difficult. i went through this just last year. but what's different is we never saw a situation as we saw last year in which certain groups in congress took such an absolutist position that we came within a few days of defaulting. and the fact of the matter is, is that we have never seen the debt ceiling used in this fashion, where the notion was, you know what, we might default unless we get 100 percent of what we want. that hasn't happened. now, as i indicated before, i'm happy to have a conversation about how we reduce our deficits further in a sensible way. although one thing i want to point out is that the american people are also concerned about how we grow our economy, how we put people back to
ceiling, and your own history on the debt ceiling. and doesn't that suggest that we are going to go into a default situation because no one is talking to each other about how to resolve this? >> well, no, major, i think if you look at the history, getting votes for the debt ceiling is always difficult, and budgets in this town are always difficult. i went through this just last year. but what's different is we never saw a situation as we saw last year in which certain groups in congress...
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Jan 17, 2013
01/13
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as a very practical matter, if we go over the debt ceiling, we do not increase the debt ceiling, republicans will not win the debate. they will argue they are not increasing it because they do not want to control spending but they will not win the debate. what will happen is the white house will pay with cash flow of the interest on the debt. the debt will not be called. what they might not pay our social security checks. the moment the american citizen figures out they may not go out, the game is over. tenfold. because believe me, though congress can stand up to the senior lobby. so that is not a legitimate process to take the debt ceiling as the hostage. the appropriate goal, whether the debate should occur. the president gets to talk about the faults. he gets to talk about social security. we should be talking about spending. spending restraints. where is the logical place to do this? the logical place is on the sequestered. that is where the next pressure point should be. we should have the debate over how much spending should be restrained and how it should be restrained. the sequester
as a very practical matter, if we go over the debt ceiling, we do not increase the debt ceiling, republicans will not win the debate. they will argue they are not increasing it because they do not want to control spending but they will not win the debate. what will happen is the white house will pay with cash flow of the interest on the debt. the debt will not be called. what they might not pay our social security checks. the moment the american citizen figures out they may not go out, the game...
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Jan 20, 2013
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i know that they pushed back the debt ceiling for about three months, i believe. i was wondering if there was any chance for congress and the president to foster more bipartisanship during the second term? >> i think that will be a major theme of his speech tomorrow. i think he will be speaking out, once again, across the aisle to call for the reaching of common ground on these major issues, like the debt ceiling, the budget, gun-control, immigration, tax reform, those kinds of things. i think it is true that we have a divided government now. it has been a difficult four years, but president obama is a natural conciliate her -- conciliation person, and he will make that a big theme of his second term. i think you will hear some of that tomorrow. >> this is from this morning's "washington post." you can draw an analogy to two former president, franklin roosevelt and dwight eisenhower, finding parallels to what fdr delivered in his second address in 1937, and what eisenhower faced in 1957. >> the roosevelt second inaugural address is interesting to read because it r
i know that they pushed back the debt ceiling for about three months, i believe. i was wondering if there was any chance for congress and the president to foster more bipartisanship during the second term? >> i think that will be a major theme of his speech tomorrow. i think he will be speaking out, once again, across the aisle to call for the reaching of common ground on these major issues, like the debt ceiling, the budget, gun-control, immigration, tax reform, those kinds of things. i...
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Jan 14, 2013
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steve bell talks about the debt ceiling. then, the mission and scope of the bureau of all, tobacco, firearms, explosives. "washington journal," live at 7:00 a.m. eastern on c-span. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2013] >> next, "q&a." then, david -- david cameron takes questions at the house of commons. then a discussion on the guantanamo detention facility. >> the fundamental idea here is if you spend time in silicon valley, if you spend time in detroit, where the automobile industry is being rebuilt, if you spent time outside the beltway, you see that america has the potential to generate abundance for its own citizens and for the world. you spend time only inside the beltway, it looks like a zero sum game. it looks like a lose-lose. who will lose the most is the gist is the -- gist of the negotiation. water the lessons of the technology sector? what are the lessons that have come from the optimism in the technology sector? how can they give us some
steve bell talks about the debt ceiling. then, the mission and scope of the bureau of all, tobacco, firearms, explosives. "washington journal," live at 7:00 a.m. eastern on c-span. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2013] >> next, "q&a." then, david -- david cameron takes questions at the house of commons. then a discussion on the guantanamo detention facility. >> the fundamental idea...
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Jan 15, 2013
01/13
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ceiling, and your own history on the debt ceiling. and doesn't that suggest that we are going to go into a default situation because no one is talking to each other about how to resolve this? >> well, no, major, i think if you look at the history, getting votes for the debt ceiling is always difficult, and budgets in this town are always difficult. i went through this just last year. but what's different is we never saw a situation as we saw last year in which certain groups in congress took such an absolutist position that we came within a few days of defaulting. and the fact of the matter is, is that we have never seen the debt ceiling used in this fashion, where the notion was, you know what, we might default unless we get 100 percent of what we want. that hasn't happened. now, as i indicated before, i'm happy to have a conversation about how we reduce our deficits further in a sensible way. although one thing i want to point out is that the american people are also concerned about how we grow our economy, how we put people back to
ceiling, and your own history on the debt ceiling. and doesn't that suggest that we are going to go into a default situation because no one is talking to each other about how to resolve this? >> well, no, major, i think if you look at the history, getting votes for the debt ceiling is always difficult, and budgets in this town are always difficult. i went through this just last year. but what's different is we never saw a situation as we saw last year in which certain groups in congress...
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Jan 18, 2013
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ceiling. the piece points out by mid february or early march the united states could face an unprecedented default unless it raises the debt ceiling. that was from tim geithner. further into the body of the "new york times" story i want to is share with you some of the numbers "the new york times" points out today. that could happen as early as february 15, if that happens by february 15 or early march, according to the by partisan policy center in analysis of what the government expects is $8 billion in revenue that day but it has $52 billion in spending that day, $6.8 billion in tax refunds, $3.5 in federal salaries, and $1.5 ode to military contractors and other commitments. consider again that day on february 15 f that is the day we reach the limit, the country would not have enough money to pay the bond holders let alone anyone else, more over analysts have raced questions about whether the treasury would be able to reprogram the ought mated payment system to prioritize some payments over
ceiling. the piece points out by mid february or early march the united states could face an unprecedented default unless it raises the debt ceiling. that was from tim geithner. further into the body of the "new york times" story i want to is share with you some of the numbers "the new york times" points out today. that could happen as early as february 15, if that happens by february 15 or early march, according to the by partisan policy center in analysis of what the...
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Jan 16, 2013
01/13
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they came in with a debt ceiling bill. the debt ceiling bill that was agreed to with the administration had some sequestration in it with the supercommittee that some of us knew wasn't going to work, because the democrats made clear they didn't want a supercommittee to work because they wanted to be able to campaign and say, gee, cuts are coming to medicare because the republicans, you know, were trying to protect the rich friends and it worked very well. they didn't reach -- wouldn't reach an agreement. even after somebody like a republican senator had a proposal to raise new revenue, a couple of democrats were reported as saying this was going to be the breakthrough that allowed an agreement, after consulting with the president, harry reid apparently made clear he didn't want a deal. no deal. so there was no deal. and now the sequestrations are about to take place. the speaker pro tempore: the gentleman has 22 minutes remaining. mr. gohmert: so we had a debt ceiling bill that was undermined from the beginning, no deal wa
they came in with a debt ceiling bill. the debt ceiling bill that was agreed to with the administration had some sequestration in it with the supercommittee that some of us knew wasn't going to work, because the democrats made clear they didn't want a supercommittee to work because they wanted to be able to campaign and say, gee, cuts are coming to medicare because the republicans, you know, were trying to protect the rich friends and it worked very well. they didn't reach -- wouldn't reach an...
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Jan 19, 2013
01/13
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ceiling? >> i hope it does not come to that but if it has to, it must. you know we can't let extremists put us in default and play chicken with a full faith and credit with the united states of america. that's what they are. when people say let's go into default. when i hear people who are elected to congress say let's go into default. i say this person is from some other planet. this person is not from this planet. the notion that we would do that boggles the mind and the good common sense of the vast majority of americans. >> what is your perspective on america's melting pot being better reflected in small towns? what would urban leaders learn from small town mayors? >> i mean -- i think we're enriched. i know i am. my kids have grown up. i tell people my kids have been in the homes of iranians, koreans, mexicans, italians, and greeks, muslims, we're enriched when we can experience other cultures and people and other perspectives. i think you're seeing the fastest growing places of immigrati
ceiling? >> i hope it does not come to that but if it has to, it must. you know we can't let extremists put us in default and play chicken with a full faith and credit with the united states of america. that's what they are. when people say let's go into default. when i hear people who are elected to congress say let's go into default. i say this person is from some other planet. this person is not from this planet. the notion that we would do that boggles the mind and the good common...
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Jan 16, 2013
01/13
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the debt ceiling issue should become a partisan issue. i appeal to the republicans to realize they should not place us in that kind of jeopardy. there will be hearing. we will work on witnesses today. i hope we will be resolving who the witnesses will be. i think there'll be concentration as to who they pick and our choice, one witness out of four. host: might it be secretary geithner? guest: no. host: tony. hi, tony. caller: good morning. guest: where is olive branch? i have been across the bridge there. caller: the talk about congress and everybody is looking at discretionary spending. we're finding the black rhino but we cannot take care of grandma. otherbuilding mosques foreign countries. people have to worry about being on the street and being homeless. we send money to countries to improve their water systems. thinking about the pipes in china. money out of this country. he talked about people spending money and avoiding taxes. host: we will get a response. guest: i do not know the last figure. we do have foreign assistance. it is a
the debt ceiling issue should become a partisan issue. i appeal to the republicans to realize they should not place us in that kind of jeopardy. there will be hearing. we will work on witnesses today. i hope we will be resolving who the witnesses will be. i think there'll be concentration as to who they pick and our choice, one witness out of four. host: might it be secretary geithner? guest: no. host: tony. hi, tony. caller: good morning. guest: where is olive branch? i have been across the...
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Jan 16, 2013
01/13
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you're referencing if the debt ceiling is not raised? caller: the middle class starts at like $75,000. what about the people that are making $20,000, $30,000, $40,000? host: ok, congressman. guest: i think you're right. i think you're talking about the debt ceiling and putting in jeopardy the full faith and credit of this country is really going to hurt everybody. surely middle-class people and people trying to climb up the ladder. it's reckless. and when they talk about, well, let's pay some of our bills and let's not pay others, i said to a reporter, asked me yesterday about this, i said, well, now you tell me which ones. individual homes have trouble doing that and prefer not to. the greatest nation in the world is going to say, we're going to pay some bills and not others and boll bondholders and defense contractors and social security recipients? host: jodie on twitter asks -- guest: sure, there are administrative costs, social security and medicare. by the way, in terms of administrative costs better than any other -- the administr
you're referencing if the debt ceiling is not raised? caller: the middle class starts at like $75,000. what about the people that are making $20,000, $30,000, $40,000? host: ok, congressman. guest: i think you're right. i think you're talking about the debt ceiling and putting in jeopardy the full faith and credit of this country is really going to hurt everybody. surely middle-class people and people trying to climb up the ladder. it's reckless. and when they talk about, well, let's pay some...
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Jan 16, 2013
01/13
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the debt ceiling, raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011 i got the u.s. downgraded last time. so it's very, very important that all these issues are important but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in the deal. as you mention it certainly went part way but it leaves another the issues still on the table, and additional negotiations and are looking. would you characterize that as an additional clip that is facing us, or do you think that
the debt ceiling, raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011...